Feb 12, 2013 7:00am PST
to being a cardinal. take his old name, joseph ratzinger. will he be able to counsel the next pope? >> well, if the next pope would like it, i'm sure he could. however, if -- some people have suggested, wait a minute. you're going to have two popes at work. that's not true. the pope is retiring because he wants to retire. if he wanted to have influence on the church still, he would stay as pope. i would expect very much -- the fact he's going to a monastery -- will be living in a monastery is significant. he wants a quiet life of study and of prayer. i assume that if the new pope wants to ask his counsel, he's clearly going to give it. but he's not going to go -- he's not going to be there looking to try to influence the next pope. >> and the new -- the cardinals will be meeting right after the pope resigns on february 28th at 8:00 p.m. will the deliberations about the next pope begin immediately? >> they could begin. we'll find out that in the next few days. they could technically begin as early as the day after, as early as march 1st. but you have to remember, it's never the conclave, whi
Feb 28, 2013 9:00am EST
, after eight years, formal cardinal joseph rat ratzinger retires as pop. as we continue to see what the conclave will do as we search for his successor as the entire world watches what is happening with him. >>> got some breaking news out of the new york fed. a hard right turn here to steve liesman. >> why does this always happen to me, carl? >> hard to follow the pope, my man. >> exactly. let me do my best. the new york fed reporting that total consumer indebtedness rising a scant 3% to 11.3 trillion. housing debt was flat. it was a small gain but the first gain we've seen since the first quarter of 2011, that was thought to be a bit of a statistical anomaly. so maybe this is the first real gain. let me show you what rose. auto loans up 15 billion. credit cards up 5 billion. the perennial student loans up 10 billion and they have been rising quite a bit. delinquencies are quite high. all delinquencies declined except for student loans and they were up almost 12% and probably because of a whole bunch of different reasons, carl, they could be twice as high as that. carl, back to you.